CPS Energy extends contract for CEO Milton Lee

CPS Energy’s board of trustees said today it has extended the contract for CEO Milton Lee by one year — to Sept. 30, 2010.

Lee said last spring that he would retire on Sept. 30 of this year. In a statement today, the board said that Lee’s knowledge and experience will be needed as the city-owned utility makes a series of importance decisions, including whether or how much to invest in an expansion of the South Texas Project nuclear plant.

CPS trustee Steve Hennigan said Lee will work with the board to identify a new CEO.